Every hour of the day, insureds discover situations that far exceed their policy limits. Some of these unfortunate people are those following state minimums for insurance. Others are finding that their $300,000-$500,000 coverage from their home or auto liability policies are still woefully inadequate when involving a serious injury or death.
What are some everyday tragedies that could easily exhaust your current liability coverage?
*Cargo falling off your vehicle and resulting in serious harm to others, directly or indirectly
*Striking a pedestrian or bicyclist with your vehicle
*Accidentally backing over a person
*Being involved in an at fault accident with passengers in your vehicle that result in serious injuries or death
*Your spouse or your teenage driver could also be responsible for any of the above situations
*An adult or child drowning in your pool, koi pond or hot tub
* A guest suffering a catastrophic injury or death from falling down the stairs or off a balcony
The reason why I mention these particular examples is to highlight some of the many ways in which people can find their life savings, most of their assets and their income (through garnishment) wiped out or threatened in a matter of seconds. It no longer takes a pileup of Ferraris to cause a million dollars damage. Any of the incidents I mentioned could easily reach that amount and exceed it.
A one million dollar umbrella on average costs around $130-$300 a year. This isn't much especially when considering that it adds an extra one million to your current home and auto liability policies. It often includes defense costs on your behalf; most anywhere in the world you may need it. Higher coverage is available.
Umbrellas get their name from what they do. They simply provide liability coverage over and above your standard auto and home insurance. Outside of serious accidents, umbrellas also cover personal injury claims, such as claims from Defamation of character, slander, libel and false arrest.
Intentional acts or crimes by the insured are typically excluded from liability coverage.
After all, you need not go looking for trouble, in time it may find you. The question is, should it find you, will you have an umbrella or will you get soaked?
What are some everyday tragedies that could easily exhaust your current liability coverage?
*Cargo falling off your vehicle and resulting in serious harm to others, directly or indirectly
*Striking a pedestrian or bicyclist with your vehicle
*Accidentally backing over a person
*Being involved in an at fault accident with passengers in your vehicle that result in serious injuries or death
*Your spouse or your teenage driver could also be responsible for any of the above situations
*An adult or child drowning in your pool, koi pond or hot tub
* A guest suffering a catastrophic injury or death from falling down the stairs or off a balcony
The reason why I mention these particular examples is to highlight some of the many ways in which people can find their life savings, most of their assets and their income (through garnishment) wiped out or threatened in a matter of seconds. It no longer takes a pileup of Ferraris to cause a million dollars damage. Any of the incidents I mentioned could easily reach that amount and exceed it.
A one million dollar umbrella on average costs around $130-$300 a year. This isn't much especially when considering that it adds an extra one million to your current home and auto liability policies. It often includes defense costs on your behalf; most anywhere in the world you may need it. Higher coverage is available.
Umbrellas get their name from what they do. They simply provide liability coverage over and above your standard auto and home insurance. Outside of serious accidents, umbrellas also cover personal injury claims, such as claims from Defamation of character, slander, libel and false arrest.
Intentional acts or crimes by the insured are typically excluded from liability coverage.
After all, you need not go looking for trouble, in time it may find you. The question is, should it find you, will you have an umbrella or will you get soaked?
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